The boom produces impoverishment. But still more disastrous are its moral ravages. It makes people despondent and dispirited. The more optimistic they were under the illusory prosperity of the boom, the greater is their despair and their feeling of frustration.

What can prevent the coming of totalitarian socialism is only a thorough change in ideologies. What we need is an open positive endorsement of that system to which we owe all the wealth that distinguished our age from the conditions of ages gone by.

The riches of successful entrepreneurs is not the cause of anybody's poverty; it is the consequence of the fact that the consumers are better supplied than they would have been in the absence of the entrepreneur's efforts.

As soon as we surrender the principle that the state should not interfere in any questions touching on the individuals mode of life, we end by regulating and restricting the latter down to the smallest details.

Nobody can be at the same time a correct bureaucrat and an innovator

If some peoples pretend that history or geography gives them the right to subjugate other races, nations, or peoples, there can be no peace.

Our whole civilization rests on the fact that men have always succeeded in beating off the attack of the re-distributors.